The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Wednesday, increasing the price of GBPUSD to more than 1.3000 following some key economic releases. The technical bias may turn bearish because of the higher low in the recent upside move.

GBP/USD Technical Analysis

As of this writing, the pair is being traded around 1.3005. A resistance can be noted near 1.3054, the 38.2% Fib level resistance ahead of 1.3148, the horizontal resistance level and then 1.3232, another major horizontal resistance as demonstrated in the given below chart.

On the downside, a support can be noted around 1.2949, an immediate trendline support level ahead of 1.2904, the 61.8% Fib level and then 1.2660, the major horizontal support level as demonstrated in the given below chart. The technical bias shall remain bearish unless the 1.3054 resistance level is broken.

The US ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is sourced from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) whereas a downward trend implies the bearish market for the US Dollar (USD).

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, selling the GBPUSD around current levels can be a good decision in short to medium term.